EURUSD - Remaining On Sidelines For Now

FX:EURUSD   Euro / U.S. Dollar
The Euro             continues to push upward having rebounded against the US Dollar             as expected, hitting the highest level in a month and establishing a foothold above the 1.10 figure. The single currency launched upward following last week’s underwhelming ECB monetary policy announcement.

Near-term resistance is at 1.1117, the 50% Fibonacci retracement . A break above that on a daily closing basis opens the door for a challenge of 1.1257, the intersection of the 61.8% level and a falling trend line set from late August. Alternatively, a move back below resistance-turned-support at 1.0976, the 38.2% Fib, paves the way for a move to the 1.0802-18 area marked by the May 27 low and the 23.6% retracement.

The medium- and long-term EUR/USD             trends continue to favor the downside. That paints the current upswing as corrective, suggesting it represents an on-coming selling opportunity rather than something to be chasing upward. With that in mind, we will remain on the sidelines and wait for an actionable short trade setup to emerge.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out